The income tax authorities notified the new tax return forms applicable for the financial year 2017-18 in April (online utility tools for a couple of forms have been published). An individual who is required to file a return of income for the financial year 2017-18 needs to do so by July 31, 2018 (unless extended). […]

The e-way bill for moving goods within a state will become mandatory from 3 June, with the country-wide roll out of the mechanism. The government had launched the electronic-way or e-way bill system from 1 April for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the […]

The Income Tax Department today launched the ITR-2, the third income return form for assessment year 2018-19, on the official e-filing portal. The ITR-2 is used by individuals and Hindu Undivided families (HUFs) who have income from any sources except income from profits and gains of business or profession, including NRIs. With this the department […]

Looking to start your own business? Congratulations! You’re onto something big – entrepreneurs like yourself are truly fueling the economy. To help you along, we’re here to explain the different types of businesses that you can choose from. To clarify, there are six basic types of businesses: Sole Proprietorship The sole proprietorship is the simplest […]

Recently Companies have received notice from Department for GST MISMATCH. We have discussed the possible reason for mismatch in two scenario: Mismatch of GSTR1 and GSTR2 due to the mistake at recipient side. If mismatch of GSTR2 and GSTR1 is due to mistake at the side of recipient, no further action is required. Mismatch of […]

Hello, The 27th GST Council Meet was held on 04th May 2018, and major announcements made are: The current GST Return Filing System will continue without changes for the next 6 months. Thus, you can continue filing your GST Returns through New Single GST return to go live after 6 months to enable simple and easy filing Post new return […]

As far as filing of income-tax returns goes, all governments face a twin challenge. On the one hand, they wish to make the process simpler so that more people are encouraged to file returns. On the other, there is also the compulsion to ensure that the tax department has enough and more information to be […]

Key changes in ITR of Individuals for AY 2018-19 1. Income tax returns of individuals where audit is not required should be filed on or before 31.07.2018 2. Rs 5000/- penalty after 31.07.2018 till 31.12.2018* 3. Rs 10000/- penalty after 31.12.2018 till 31.03.2019* 4. No return filing will be allowed after 31.03.2019 in normal course […]

HUF or Hindu Undivided Family is one such avenue which can help you save tax.The term HUF stands for ‘Hindu Undivided Family’ and comprises of all descendants of a common male ancestor and includes their wives and unmarried daughters.. The term of HUF is not defined in income tax law; it is defined under the […]

Bitcoin is a form of digital currency – a new form of money, essentially – that is tradable throughout the world. It is not an official currency, however, which means that it operates without the involvement of banks or clearinghouse. Bitcoins can be transferred between individuals or between businesses to pay for goods and services, […]

Just like all other constitutional positions, the Chief Justice of India can also be impeached provided the necessary steps as laid out in the Constitution are taken. This is not the first time impeachment has been mentioned in the same sentence as a sitting judge. Justice V. Ramaswami was the first judge against whom impeachment […]

Trust and section 8 Company are different from one another. But people still may get confused on the basis of the difference and the reason of difference. Lets find out the difference between trust and section 8 company. All of them are governed by the different act : Trust:- A trust is a structure where […]

You can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning.We will discuss about the same:- DEDUCTION U/S 80C DEDUCTION U/S 80D DEDUCTION U/S 80E DEDUCTION U/S 80TTA DEDUCTION U/S 80C Under section 80C, a deduction of Rs 1,50,000 can be claimed […]

As per the World Bank’s South Asia Economic Focus Spring 2018 report, Indian economy has recovered from the impact of demonetisation and the introduction of the Goods and Services Tax regime and is projected to grow by 7.3 percent in 2018 and 7.5 percent in 2019. The South Asia Region in this report includes Afghanistan, […]

According to the written exam pattern for the admission year 2018, most of the BBA entrance exams test the basic knowledge on Quantitative Aptitude, General English, Analytical Reasoning and General Awareness. BBA entrance exams like DU JAT, GGSIPU CET BBA, NPAT BBA, SET BBA and IPMAT are among the top tests for management programmes at […]

The Indian Premier League (IPL) is a league for Twenty20 cricket championship in India, organized by Board of Control For Cricket in India (BCCI). The Premier League is generally considered to be the world’s showcase for Twenty20 cricket, a shorter format of cricket consisting only 20 overs. Top Indian and international players take part in […]

ITR 1 for AY 2018-19 is now available for e-Filing. Other ITRs will be available shortly. ITR1 is applicable for For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh..

An education loan can not only fund your higher studies but also help save tax. The interest paid on the education loan can be claimed as deduction, as per Section 80E of the Income Tax Act, 1961. However, you can claim deductions only for the interesting part of the EMI. Who can claim this deduction: The […]